Property types in Melbourne vary. As one of the cities with the biggest growth in real estate (the other being Perth and Sydney) finding a property in Melbourne is exciting, but there are certain guidelines one has to take into consideration to ensure there is a financial return and a healthy spread of risk.
As one of the countries increasingly becoming popular to foreign nationals both for leisure and business purposes, it’s not surprising to see a lot of foreigners flock down to the city Down Under and look for properties they can use either as an investment or residence.
Anyone who wishes to settle temporarily or permanently in Australia will definitely need to have somewhere to stay. Whatever the purpose may be, an individual will take delight in the fact that there are different property types in Melbourne available.
Apartments, condominium units, single-family houses, even commercial spaces are easily available for everyone. Both rural and urban areas can provide tourists and even locals the opportunity to have their own slice of the housing pie.
If you’re a foreign national and wants to make sure if investing in various properties in Australia is the right decision, take a look at the different property types in Melbourne and why the demand for each is great.
Commercial spaces/buildings
Investment property is one of the more popular choices for foreign nationals. There are a lot of businesses that need a place. Purchasing a commercial space or building and leasing them out to companies is always a good way of getting a good return on investment.
Single-family homes
Presently, 70% of Australia’s population owns a residential property. This is very indicative of how much people desire to get their own home. Buying a house will be good if you intend to permanently live in Australia. But if you just want to use it as an investment, you can have it leased to families looking to have a place to stay.
Apartments
Australia is becoming one of the hottest tourism spots in the world. Melbourne is one of the cities that people flock down to because it’s a great place to visit. Tourists who are intent on staying for weeks are most likely going to look for apartments instead of hotels just so they can save more money.
Holiday properties
Tourism is a major industry in Australia. Other foreigners who come and visit the country will want to stay somewhere that’s comfortable and near tourist destinations. Holiday properties provide those two. You can count on a steady stream of income by investing on holiday estates.
It is important that you take care of all the legalities first before deciding on any property types Melbourne. Acquiring properties by foreign nationals is covered by certain laws mandated by the respective government agencies so it’s best to familiarize yourself with that first.
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